Senate Republicans: Crypto Bill Likely to Fail
Senate Republicans: Crypto Bill Likely to Fail
The News
Republican senators are warning that the Senate's bipartisan cryptocurrency regulatory bill is likely to fail next week when the chamber returns, Semafor reported Tuesday in an exclusive.
The sticking point is the key Democratic demand: an ethics component governing the president and his family. There has been little movement on it, according to two Democratic aides cited by Semafor.
The White House says Trump wants the bill — the CLARITY Act — passed.
Timeline
Semafor publishes its report that Republican senators expect the bill to fail, citing Sens. Mike Rounds and Thom Tillis on the record and two Democratic aides on the state of the ethics talks.
The Senate returns, and the bill is expected to come to a head.
Reactions
"Does not look good right now," Sen. Mike Rounds, R-S.D., told Semafor.
Sen. Thom Tillis, R-N.C., put the blame on the other end of Pennsylvania Avenue: "If there's no interest in the White House in trying to bridge the gap on the ethics language, it is going to fail."
A White House spokesman told Semafor that Trump is "unequivocal: Congress must pass the CLARITY Act so we can stay ahead of foreign competitors and lead the world in innovation."
Sen. Roger Marshall, R-Kan., said voters aren't asking about it: "There's nothing I can do with the crypto bill. Haven't heard a peep about it. Nobody back home is asking about it."
What's Next
The Senate comes back next week. Semafor reported that a failed vote could push the crypto industry to spend money in key Senate and House races, though one incumbent senator said the issue is far from a top concern for voters.
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This account rests on a single outlet's reporting. Semafor's story is an exclusive, and The Frank has not independently confirmed the private assessments described in it. The on-the-record quotes from Rounds, Tillis and Marshall, and the White House statement, are as published by Semafor.
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Should a crypto bill include ethics rules covering the president and his family?
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